Etoro is set apart from all other brokers because they are the broker who tried to make trading more accessible to the newbie trader by building a community of traders. With Etoro you learn by watching other traders, and you are able to learn from the mistakes of some, and follow the sucesses of others. If a trading community where you can follow and mimic other traders sounds like something you would enjoy, then we would strongly recommend this broker.
Founded in 2007 and operating online since 2008, eToro is a Forex broker with offices in the British Virgin Islands, Cyprus, the UK, Australia, and in the United States. Altogether, eToro offers accounts to over 2.75 million users around the globe, in over 140 countries. While the company is a relative newcomer compared to some others in operation, they have experienced a lot of rapid growth due to their attractive platform.
As with all reputable Forex brokers, eToro offers different types of accounts for its customers. With this particular broker, you only have three choices: A Demo account, a Basic account, or a Premium account. Read more about each type of account below.
- Free Demo: Since this account is 100% free, you won’t really get a lot of features with it. Once you open an account with eToro, you can receive this demo account in order to practice your trading, with $10,000 (play money) to trade to help you grow accustomed to the platform.
- Basic Account: The basic is the next step up, and this account gives you access to a free demo account, plus you earn eToro’s exclusive promotions, which are deals and savings sent to users via their email. This account type needs at least $50 to start, up to $20,000.
- Premium Account: The biggest account offered at eToro, the premium services are for accounts of $20,000 and up. You receive a demo for practicing, the same features of a basic account, plus $1,500 worth of annual trading tools for investors, and premium management of your portfolio by a trained professional with eToro.
Unique Selling Points
- The Premium tools offered are of huge value and thus are a big draw
- The platform is really eye-catching, unique and able to stand out amongst others
- eToro gives a 15% deposit bonus for Premium investors
- Very fast withdrawal time of only 3 days
- Optional Personal Rebate Program to participate in
- Telephone trading available
- Occasional trading contests that may be exciting and rewarding
Pros and Cons
- An award-winning trading platform (8 major awards since 2010)
- A lot of funds with a practice account to help new investors get a feel for trading
- A unique platform that’s streamlined, user-friendly, and fun to use
- Weekly contests with prizes
- Low deposits required for a Basic account
- Good customer support
- Available in an impressive range of countries
- PayPal accessible (and other e-wallets)
- 3 platforms: eToro WebTrader, eToro Mobile, and eToro OpenBook
- High leverage (400:1)
- No advanced charting
- Costs a lot for a Premium account
- Platform tends to suffer with slow connection
- Best deals and features reserved only for Premium members
It’s unlikely that eToro is going to score a 9 or 10 in any one category, but by pushing a solid 7 across the board, that makes this particular broker stand out in a field rife with dramatic highs and drastic lows. A level broker is a comfortable broker for most Forex traders.
Their platform is widely regarded as one of the best in the business, and the awards eToro has won say a lot about the quality of the broker in general. The broker seems to be about helping investors profit in numerous ways while always enjoying their time spent trading. Every business is about money, no question about it, but eToro seems to have approached a money-making industry with a user’s preferences in mind.